Following the uplift of the negative outlook, the reaffirmation of the ratings on Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1,020 million Bai Bithaman Ajil Islamic Debt Securities, RM350 million Murabahah Commercial Papers/Medium Term Notes and RM546.875 million Junior Notes A reflects the Federal Government’s assistance in the partial settlement of the long outstanding trade receivables o...

MARC has reaffirmed the long term rating of A on Puncak Niaga Holdings Berhad’s (PNHB) RM546.875 million Redeemable Unconvertible Junior Notes (RUN) with detachable warrants. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s Junior Notes A (A notes), which has also been reaffirmed. The rating reaffirmation is a reflection of the perfected security interest of the RUN ...

MARC has reaffirmed the rating of KLSSB’s tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility. The Tranche 1 BaIDS was fully settled in April 2004.Kuala Lumpur Sentral’s commercial development is divided into four phases. As...

MARC has assigned a rating of AAA(s)ID (AAA Support, Islamic Debt) to Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds). The rating reflects the AAA rating of the Sarawak State Government as the principal and profit payments of the Bonds will be satisfied via proceeds of share subscription payments as evidenced by the back-to-back Redee...

MARC has assigned a rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million secured fixed-rate serial bonds. The rating is based on the stringent core and portfolio eligibility criteria of the securitized mortgages, comprising mortgages of government pensioners only, aimed at mitigating risk of delinquencies and defaults further reinforced by the representation and warranty ...

MARC has assigned a long term rating of AA-ID (Double A Minus Islamic Debt) on SAJ Holdings Sdn Bhd’s (SAJH) RM1.280 billion Bai Bithaman Ajil Serial Bonds which will be utilized to redeem the existing RM680 million BaIDS, to finance any premiums payable to Noteholders on redemption of the existing BaIDS and to part finance SAJH’s capital expenditure. The rating is supported by its p...

Transshipment Megahub Berhad (TMB) is a wholly owned subsidiary of Kuala Dimensi Sdn Bhd (KDSB), with the principal activities of issuing RM1,095.0 million fixed-rate serial bonds and up to RM360.0 million Commercial Papers/Medium Term Notes (CP/MTN) and financing the development of Port Klang Free Zone/Transshipment Megahub amounting to RM1,220.0 million for KDSB. KDSB was appointed by Port Ke...

MARC has reaffirmed the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil debt securities. The rating reflects the perceived strong demand for the Kajang Traffic Dispersal Ring Road to relieve severe traffic congestion in the Kajang District as a primary urban road linking the populous districts of Balakong, Sungai Long, Semenyih, Bangi, Ka...

MARC has affirmed the rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. The rating affirmation is premised on the superior credit rating of the Government of Malaysia (GOM) backing Port Klang Authority (PKA), the obligor under the transaction; minimal exposure to construction risk with 83.3% of the infrastructure works completed...

IJM Corporation Berhad’s (IJM) proposed RM300 million of Commercial Papers/ Medium Term Notes Programme (CP/MTN) has been assigned a long term rating of A+ and a short term rating of MARC-1. This reflects its consistently strong financial results, the ability to sustain its competitive position domestically and internationally and the diversity of its business. Moderating factors include t...